BUSINESSEcobank hits $90 million pre-tax profits in first

Group Chief Executive Officer of Ecobank Bank Transnational Incorporated, Ade Ayeyemi, has disclosed that the bank delivered $90 million in pre-tax profits in the first quarter of 2020.

He said the focus of the bank is on making sure that it meets the needs of customers despite the pandemic, while also ensuring their wellbeing and safety as well as those of its employees.

Ayeyemi stated this why commenting on the performance of the financial institution in the first quarter ended March 31, 2020.

He said the quarterly performance was resilient, again reflecting the strength of its diversified business model.

“We delivered $90 million in pre-tax profits, an increase of 27 per cent if adjusted for currency translation effects, and a return on tangible shareholders’ equity of 17.1 per cent. We are managing impairment losses prudently, and as a result, our cost-of-risk increased to 1.5 per cent, versus 0.5 per cent in the prior-year quarter,” he said.

He explained that all their countries have successfully activated their business continuity plan in line with the needs of each local environment.